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Dirk Ward borrowed $13,000.00 for investment purposes on May 13 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $900 on June 8, $200 on September 10, and $600 on November 20. How much is the accrued interest on December 31 if the rate of interest was 8% on May 13, 8.6% effective August 1, and 9.2% effective November 1? The accrued interest on December 31 is $ ☐ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Dirk Ward borrowed $13,000.00 for investment purposes on May 13 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $900 on June 8, $200 on September 10, and $600 on November 20. How much is the accrued interest on December 31 if the rate of interest was 8% on May 13, 8.6% effective August 1, and 9.2% effective November 1? The accrued interest on December 31 is $ ☐ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dirk Ward borrowed $13,000.00 for investment purposes on May 13 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $900 on June 8, $200 on September 10, and $600 on November 20. How much is the accrued interest on December 31 if the rate of interest was 8% on May 13, 8.6% effective August 1, and 9.2% effective November 1? The accrued interest on December 31 is $ ☐ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:Dirk Ward borrowed $13,000.00 for investment purposes on May 13 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $900 on June 8, $200 on September 10, and $600 on November 20. How much is the accrued interest on December 31 if the rate of interest was 8% on May 13, 8.6% effective August 1, and 9.2% effective November 1? The accrued interest on December 31 is $ ☐ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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